Markets remained mixed between Jan. 30 and Feb. 5 as investors remained pessimistic regarding the Federal Reserve’s decision to cut interest rates in March.

Markets closed mixed on Tuesday as numerous Fed officials gathered for a monetary policy meeting. The Dow Jones Industrial Average added 0.4%, the S&P 500 lost 0.1% and the Nasdaq lost 0.8%.

The Financials Select Sector rose 1.3% and the Energy Select Sector rose 1%. 

The Chicago Board Options Exchange Volatility Index can be used as a gauge for investor sentiment pertaining to the state of equity markets. The CBOE Volatility Index fell 2.1% to $13.31.

As the Federal Open Market Committee’s two-day meeting approached later in the week, investors largely expected the Fed to keep interest rates unchanged.

The three major indexes closed lower on Wednesday following the Fed’s decision to keep interest rates unchanged, paired with bearish sentiment regarding a potential rate cut in March. The Dow decreased 0.8%, the S&P 500 decreased 1.6% and the technology-heavy Nasdaq decreased 2.2%.

The Communication Services Select Sector fell 2.5%.

The Fed’s decision to keep its benchmark policy rate steady in the current range of 5.25% to 5.50% was largely priced in by the market. This was due to economic readings indicating that inflation remains above the Fed’s 2% target.

“We want to see more evidence that inflation is moving sustainably down to 2.0%, we just want some more confidence before we take that very important step of beginning to cut interest rates,” Powell said in a “60 Minutes” interview.

The CBOE Volatility Index rose 7.8% to a value of $14.35.

The three indexes recovered on Thursday following a widespread selloff on Wednesday. The Dow added 1.0%, the S&P 500 added 1.3% and the Nasdaq added 1.3%.

The Consumer Staples Select Sector, the Consumer Discretionary Select Sector and the Utilities Select Sector gained 2.0%, 1.9% and 1.9%, respectively.

The Department of Labor reported that jobless claims increased from 9,000 to 224,000 for the week ended Jan. 27. A rise in jobless claims indicates that the current benchmark Fed rate is successful in slowing down the job market.

By Friday’s close, the Dow added 0.4%, the S&P 500 added 1.1% and the Nasdaq added 1.7%. The Communication Services Select Sector increased 4.0% and the Consumer Discretionary Select Sector increased 1.85%.

All three major indexes fell on Monday, Feb. 5, due to concerns that the Fed may not cut rates as early as once expected. The Dow lost 0.7%, the S&P 500 lost 0.3% and the Nasdaq lost 0.2%.

Investors should look to gain exposure to the Utilities Select Sector, which will benefit as the Fed eventually begins to cut rates later in the year.